Federal Reserve Board to hold an open board meetingThe Board discusses 1. Final Rule to Establish Risk-Based Capital Surcharges for Systemically Important Bank Holding Companies. 2. Final Order Applying Enhanced Prudential Standards to General Electric Capital Corporation under Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the meeting being held in Washington, D.C. on July 20 at 1 pm. Webcast Link

08:25 EDT

Canada Wholesale Preview Canada Wholesale Preview: Shipments are expected to rise 0.5% m/m in May after the 1.9% surge in April. Forecast risk is to the downside given the strong growth in March and April, and the 0.5% drop in manufacturing shipment volumes seen in May (shipment values were 0.1% higher).

Credit Suisse macroeconomics analysts hold an analyst/industry conference callMacroeconomics Analyst Research Team provides an update and outlook on an Analyst/Industry conference call to be held on July 20 at 8 am.

07:50 EDT

Treasury Market Outlook: Treasuries are little changed to slightly lower Treasury Market Outlook: Treasuries are little changed to slightly lower in thin trading (Japan is on holiday), even as global bonds are higher in price. The yield on the 10-year note has slipped to 2.345% versus an overnight high of 2.37%. The German Bund yield is 4 bps lower at 0.75%. Equities are modestly firmer too, as is the dollar. Athens reportedly settled its debt with the IMF, and the ECB and Greek banks finally reopened, to give some stability to the markets. There wasn't much data overnight. German PPI was steady at -1.4% y/y. There is nothing on today's U.S. economic calendar. Earning season picks up and will highlight. Today's slat has IBM, Morgan Stanley, Halliburton, and Hasbro. Data due later this week will feature housing reports.

07:45 EDT

N.Y. FX Outlook N.Y. FX Outlook: The dollar firmed up overnight, taking EUR-USD to lows of 1.0820, levels last seen on May 27. Greek banks re-opened, though capital controls remained in place, while Athens repaid creditors with help from last week's approved bridge loan. More pain will come on the Greece front, though for now, the storm has subsided. Elsewhere, USD-JPY hit a one-month high of 124.38, in light Japanese holiday trade, as USD-CAD stayed form near 1.3000. Gold price slide to five year lows didn't help the CAD, though oil prices remained steady to a bit firmer, offsetting some. The U.S. calendar is completely empty this morning, so focus will look to news from Greece, along with risk levels, including equity, Treasury and commodity developments.

FX Update: FX Update: The dollar has started the new week where it finished of last week, in bullish form. EUR-USD fell to a 10-week low of 1.0820, stopping just short of the May-27 low at 1.0819. USD-JPY rose to a one-month peak of 124.38 during the London AM session following a quiet Asia session in the absence of Japanese markets, which were closed for a public holiday. Cable ebbed to the mid-1.55s, breaching below its 50-day moving average. Sterling also saw losses against the euro, correcting some of its recent outperformance after EY ITEM Club cautioned the BoE against "premature" tightening, which has prompted a rethink in markets into Wednesday's release of the BoE minutes to the July MPC meeting,